(no subject)

[merchimerch]

Oh wow - the bailout bill failed and the DOW is plunging.

Even more shocking, although the Democrats largely supported it and Republicans largely didn't, I was shocked that only 60% of Democrats voted for the bill. I don't think I understand the nuances of the bill, but it did seem as though there were more safeguards for taxpayers than I expected. Perhaps this is why the Republicans pulled support?

CNN says that there may be another vote soon, but wow, just wow.

Comments

[fallen42.livejournal.com]

Republicans don't support it because it flies in the face of their platform of fiscal conservatism and lazzie faire economy. That and the idea is pretty unpopular.

[merchimerch.livejournal.com]

Yes, but the "platform" of fiscal conservatism hasn't been a reality for Republicans since the Regan years (when my family disavowed the party).

The idea as it was originally proposed without oversight and a way for taxpayers to recoup the money given was pretty unpopular. I thought it was more acceptable once congress heeded the call for more regulation and oversight, but obviously I was wrong.

[fallen42.livejournal.com]

It wasn't even a reality *in* the Regan years, but there's an election going on and everyone is actually watching congress on this one.

[bellebonnesage.livejournal.com]

According to Barney Frank, Republicans didn't support it because of their unshakable faith in the free market. It's nice to have them act for some other reason than "irritate Democrats" for once.

[merchimerch.livejournal.com]

Well, it will be interesting to see how the great equalizer free market sorts all of this out.

I have been socialist-leaning for years, but I admit that it does seem unfair to have a free market for profits and then socialism for debt and short selling.

[rednikki.livejournal.com]

According to Republicans, they bailed due to Pelosi's very partisan speech just before the vote. I have to admit, I found her speech not in the vein of bipartisanship - it's like kicking someone in the teeth and then saying "Now vote for me!"

[kethryvis.livejournal.com]

They were looking for an excuse so they could blame the defeat on the Democrats.

Seriously! One Democratic representative (I forget who, bad me) said "They voted no because they got their feelings hurt?!" Which is pretty much what it is.

Yes the statement was not appropriate and I question her judgment in making that statement today in this period. But you don't let that get in the way of how you feel because your job is to your constituents back home if you really care about bipartisanship. Total cop-out.

[merchimerch.livejournal.com]

Yeah I suppose that speech was ill-timed, but I was glad to hear it made none the less.

And I'm not sure that Pelosi bashed the Republicans, just Bush's presidency, therefore it might have allowed certain house members to gain distance from Bush. Then again Bush condoned the bill, so that might not have worked.

Great speech though -- we need more populism in Congress and in government in general.

[fallen42.livejournal.com]

The thing is, it's the Republicans in the congress of 1999 that are to blame for this mess. They repealed the Glass-Stegall act which kept banks from packaging mortgage backed securities. Although the Dems definately get some of the blame for signing onto the thing in the end.

http://en.wikipedia.org/wiki/Glass_stegal